The new UK investment bank is intended in part to replace the functions of the European Investment Bank (EIB), after the end of the Brexit transition period on December 31.
"We are absolutely committed to levelling-up opportunities so those living in all corners of the UK get their fair share of our future prosperity, said Sunak.
All nations and regions of the UK have benefited from our unprecedented 200 billion pounds COVID support package. And after a difficult year for this country, this Spending Review will help us build back better by investing over 600 billion pounds across the UK during the next five years, he said.
The Spending Review will also see the launch of the UK Shared Prosperity Fund, under which money previously allocated to poorer regions by the European Union (EU) will now be spent by the UK government.
Sunak has also confirmed that the Treasury will move some staff to a new base in the north of England next year, as part of a shift of 22,000 civil servant roles out of London and the south east of England.
The location of the new headquarters, or so-called economic campus, will be announced "in the coming weeks".
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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